System and method for conducting secure financial transactions

1. A method for conducting electronic financial transactions, comprising: receiving a request, from a user, to perform a transaction with a merchant; generating a virtual check comprising a checking account number, a bank routing number, and a date; displaying the virtual check on at least one of a display of an electronic device of a user or the merchant; receiving input from the user corresponding to at least one of a plurality of check fields; automatically generating meta data, in real-time, on the virtual check, wherein the meta data comprises a location of check creation and a time of check creation; embedding, in the image of the virtual check, at least part of the meta data; populating the virtual check based on the received input; and depositing the virtual check; wherein generating the virtual check comprising scanning a front side of a physical check of a user, detecting a typical check template for a type of check based on proportions of the front side of the physical check, generating a backside of the virtual check based on the detected typical check template; and combining the image of the front side of the physical check with the image of the backside of the virtual check.

2. The method of claim 1 , further comprising endorsing the virtual check by inserting an electronic signature of the merchant with merchant's permission or pre-authorization.

3. The method of claim 1 , further comprising performing an advanced bad check management when the user-initiated financial transaction associated with the virtual check did not go through.

4. The method of claim 3 , wherein performing an advanced bad check management comprising: storing the user's information and secured assets in a database; notifying the user and the merchant that the user-initiated financial transaction has not been successfully performed; and choosing an alternative payment method based on the user's preference.

5. The method of claim 1 , further comprising providing access for virtual check deposit to any sub-account.

6. The method of claim 1 , wherein generating of the virtual check is performed based on a QR-encoded information.

7. The method of claim 1 , wherein generating the virtual check comprising generating a voided check.

8. The method of claim 1 , further comprising generating a QR code in the virtual check for endorsing the check with the QR-code for extra security to identify a person making a deposit.

9. The method of claim 1 , further comprising increasing the speed of transactions by making funds immediately available for verified merchants and secured-type of processing merchants.

10. The method of claim 1 , wherein some transactions are funded immediately and some are held for extra time to clear based on risk assessment parameters.

11. The method of claim 1 , further comprising a partial check refund, thereby allowing a merchant to provide the partial refund to a customer upon negotiating and agreeing to additional special terms.

12. The method of claim 1 , further comprising extra charges beyond the amount written on the check.

13. The method of claim 1 , further comprising importing an image of the check from other sources selected from the group consisting of email, SMS, ftp, Skype, and messengers.

14. The method of claim 1 , further comprising creating recurring transactions from the virtual check image.

15. The method of claim 1 , further comprising billing a check writer processing fees by extracting account and routing numbers from the virtual check image and running an extra ACH transaction corresponding to the processing fee amount.

16. The method of claim 1 further comprising verification of account number if the scanning of the check does not show at least one of an account number and a routing number properly.

17. The method of claim 1 further comprising extracting from the virtual check and storing the information related to a check writer in a database.

18. The method of claim 1 further comprising uploading the check image to a blockchain digital ledger.

19. The method of claim 1 further comprising remotely depositing the check by sending a link to the user to process a deposit using a mobile phone.

20. The method of claim 1 further comprising remotely depositing the check with splitting payment to a plurality of merchants in accordance with the user's instructions.

21. The method of claim 1 further comprising remotely depositing the check by requesting extra security information to verify the identity of the user or a person depositing the check.

22. The method of claim 21 further comprising a 3D video face recognition of a person depositing the check and comparing it with the photo on driver's license and storing in a database for future verification.

23. The method of claim 1 further comprising generating an electronic invoice with the payment linked to the virtual check.

24. The method of claim 1 , further comprising choosing the most optimal route to run the transaction based on at least one of speed, cost and security via RTP or FED NOW instead of ACH processing.

25. The method of claim 1 further comprising securely uploading the image of the check to a server and assigning to the image a link or token associated with the image for extra security.

26. The method of claim 1 further comprising offline uploading of the virtual check by allowing the user to upload the image of the check into a secondary application memory when an Internet connection is not available and upload the image at a later time to the cloud when the connection is restored.